Houlihan Lokey, Inc. (HLI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HLI SEC filings page.
Houlihan Lokey, Inc. (HLI) reported $2.5B in revenue over the twelve months to Jun 30, 2026, up 1.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business converts reported revenue into substantial cash, while operating margins and leverage remain broadly disciplined through FY2026.
The FY2023 trough was not a lasting cash-economics reset: operating cash flow rose from$136M to$704M by FY2026. That recovery also produced$682M of free cash flow against only$22M of capital spending, showing reported cash generation was not being consumed by heavy reinvestment.
Revenue reached
Total assets expanded to
Financial Health Signals
Scored against banks for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Houlihan Lokey, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Houlihan Lokey, Inc. earned a return on assets of 9.8% in fiscal year 2026, which is the profit it made on every dollar of assets on its books. This is down from 10.5% the prior year. Earnings ranks banks on that return over three years, and Houlihan Lokey, Inc. scores 99/100 among other banks.
Houlihan Lokey, Inc. reported revenue of $2.6B in fiscal year 2026, against $2.4B in fiscal year 2025. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Houlihan Lokey, Inc. scores 75/100 among other banks.
Houlihan Lokey, Inc. funded 54.4% of its assets with shareholders' equity at the end of fiscal year 2026, holding $2.3B of equity against $4.3B of assets. Capital ranks banks on that cushion, and Houlihan Lokey, Inc. scores 94/100 among other banks.
Not available for Houlihan Lokey, Inc., and counted as zero in the overall score.
Not available for Houlihan Lokey, Inc., and counted as zero in the overall score.
Houlihan Lokey, Inc. reported net income of $424.0M in fiscal year 2026, against $400.0M in fiscal year 2025. Stability ranks banks on how steady net income has been across five years, and Houlihan Lokey, Inc. scores 56/100 among other banks.
Houlihan Lokey, Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Houlihan Lokey, Inc. generates $1.66 in operating cash flow ($704.1M OCF vs $424.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Houlihan Lokey, Inc. generated $511.0M in revenue in Q1 2027. This represents a decrease of 15.5% from the same quarter a year earlier. Against the prior quarter it is down 19.7%.
Houlihan Lokey, Inc.'s EBITDA was $86.0M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.9% from the same quarter a year earlier. Against the prior quarter it is down 35.3%.
Houlihan Lokey, Inc. reported $78.0M in net income in Q1 2027. This represents a decrease of 20.4% from the same quarter a year earlier. Against the prior quarter it is down 20.1%.
Houlihan Lokey, Inc. earned $1.15 per diluted share (EPS) in Q1 2027. This represents a decrease of 19.0% from the same quarter a year earlier. Against the prior quarter it is down 22.3%.
Cash & Balance Sheet
Houlihan Lokey, Inc. recorded an outflow of $342.0M in free cash flow in Q1 2027, representing a cash shortfall after capex. This represents a decrease of 135.9% from the same quarter a year earlier. Against the prior quarter it is down 219.3%.
Houlihan Lokey, Inc. held $745.0M in cash as of Q1 2027; long-term debt is not reported for that period.
Houlihan Lokey, Inc. paid $0.70 per share in dividends in Q1 2027.
Margins & Returns
Houlihan Lokey, Inc.'s gross margin was 30.1% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the same quarter a year earlier.
Houlihan Lokey, Inc.'s operating margin was 15.3% in Q1 2027, reflecting core business profitability. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.4 percentage points.
Houlihan Lokey, Inc.'s net profit margin was 15.3% in Q1 2027, showing the share of revenue converted to profit. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.
Houlihan Lokey, Inc.'s ROE was 3.5% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.
Capital Allocation
Houlihan Lokey, Inc. spent $50.0M on share buybacks in Q1 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 525.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Houlihan Lokey, Inc. invested $6.0M in capex in Q1 2027, funding long-term assets and infrastructure. This represents a decrease of 53.8% from the same quarter a year earlier. Against the prior quarter it is down 4.0%.
Not reported for Q1 2027.
HLI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $511.0M-15.5% | $636.0M-4.6% | $717.1M+13.0% | $659.5M+14.7% | $605.0M+17.8% | $666.4M+28.0% | $634.4M+24.1% | $575.0M+23.1% |
| Gross Profit | $154.0M-18.1% | N/A | $230.7M+15.9% | $222.8M+17.3% | $188.0M+19.6% | $226.0M+43.5% | $199.1M+32.0% | $190.0M+33.2% |
| SG&A Expenses | $314.0M-15.6% | $391.2M-4.5% | $441.0M+13.0% | $405.6M+14.7% | $372.0M+17.8% | $409.9M+31.2% | $390.2M+24.1% | $353.6M+23.1% |
| Operating Income | $78.0M-13.3% | $124.9M-11.4% | $160.7M+18.1% | $151.3M+15.8% | $90.0M-5.0% | $141.1M+24.8% | $136.1M+41.0% | $130.7M+44.7% |
| EBITDA | $86.0M-18.9% | $133.0M-15.0% | $169.0M+16.0% | $161.6M+17.0% | $106.0M+2.3% | $156.5M+29.0% | $145.7M+41.2% | $138.1M+41.9% |
| Income Tax | $8.0M | $36.7M+29.6% | $53.1M+6.6% | $48.3M+13.5% | $0-100.0% | $28.3M-23.3% | $49.8M+56.8% | $42.5M+60.3% |
| Net Income | $78.0M-20.4% | $97.7M-20.1% | $116.5M+22.3% | $111.8M+19.5% | $98.0M+10.2% | $122.2M+51.3% | $95.3M+34.6% | $93.5M+39.6% |
| EPS (Basic) | $1.17-20.4% | $1.51-17.9% | $1.75+20.7% | $1.67+17.6% | $1.47+7.3% | $1.84+46.0% | $1.45+31.8% | $1.42+36.5% |
| EPS (Diluted) | $1.15-19.0% | $1.48-16.4% | $1.70+22.3% | $1.63+19.0% | $1.42+9.2% | $1.77+50.0% | $1.39+33.7% | $1.37+38.4% |
| Diluted Shares (Avg) | 68M-1.9% | N/A | 68M-0.5% | 69M+0.2% | 69M+0.6% | N/A | 69M+1.3% | 68M+0.8% |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, Interest Expense.
HLI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.7B+5.7% | $4.3B+12.8% | $3.9B+13.3% | $3.8B+18.1% | $3.5B+19.5% | $3.8B+20.5% | $3.5B+17.5% | $3.2B+15.5% |
| Cash & Equivalents | $745.0M-6.2% | $1.2B+22.5% | $1.1B+32.2% | $923.6M+33.6% | $793.8M+76.5% | $971.0M+34.6% | $799.3M+43.9% | $691.4M+40.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $224.0M+2.7% | $228.0M-11.4% | $210.9M+26.5% | $251.2M+14.6% | $218.2M+13.3% | $257.3M+28.9% | $166.7M+9.1% | $219.1M+43.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $1.4B+7.8% | $1.4B+8.7% | $1.3B+1.0% | $1.3B+9.7% | $1.3B+10.2% | $1.3B+13.9% | $1.3B+13.4% | $1.2B+8.4% |
| Total Liabilities | $1.4B+0.9% | $1.9B+12.8% | $1.6B+17.8% | $1.5B+23.2% | $1.3B+20.3% | $1.6B+23.3% | $1.4B+17.3% | $1.3B+10.6% |
| Total Equity | $2.3B+3.5% | $2.3B+7.7% | $2.3B+10.2% | $2.2B+14.8% | $2.2B+19.1% | $2.2B+18.4% | $2.1B+17.6% | $2.0B+18.9% |
| Retained Earnings | $1.7B+15.0% | $1.6B+17.9% | $1.6B+20.8% | $1.5B+20.3% | $1.4B+20.0% | $1.4B+19.9% | $1.3B+17.3% | $1.3B+15.9% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
HLI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$336.0M-154.5% | $293.0M-18.2% | $217.7M-18.0% | $325.4M+12.5% | -$132.0M-104.6% | $358.4M+59.1% | $265.5M+163.2% | $289.2M+112.9% |
| Depreciation & Amortization | $8.0M-50.0% | $8.0M-47.8% | $8.3M-13.2% | $10.3M+38.4% | $16.0M+80.7% | $15.4M+86.5% | $9.6M+43.6% | $7.4M+5.1% |
| Stock-Based Compensation | $45.0M+7.1% | N/A | $60.9M+33.6% | $46.6M+2.9% | $42.0M+27.0% | N/A | $45.6M+3.7% | $45.3M+6.0% |
| Capital Expenditures | $6.0M-53.8% | $6.3M-56.8% | $639K-83.4% | $2.4M-76.9% | $13.0M+19.6% | $14.5M+18.5% | $3.9M-75.3% | $10.5M-54.9% |
| Free Cash Flow | -$342.0M-135.9% | $286.8M-16.6% | $217.0M-17.1% | $323.0M+15.9% | -$145.0M-92.4% | $343.9M+61.4% | $261.7M+206.7% | $278.7M+147.7% |
| Investing Cash Flow | $112.0M+1.8% | -$49.6M+53.4% | $56.4M+164.5% | -$114.6M-271.2% | $110.0M+372.1% | -$106.3M-624.1% | -$87.4M-284.3% | -$30.9M-49.8% |
| Financing Cash Flow | -$217.0M-10.2% | -$92.8M-1.9% | -$131.4M-251.7% | -$71.8M-83.4% | -$197.0M-22.0% | -$91.1M-152.0% | -$37.4M-4.9% | -$39.1M+42.2% |
| Dividends Paid | $61.0M+15.1% | $39.2M+1.7% | $40.6M+9.7% | $41.3M+7.4% | $53.0M+3.4% | $38.5M+8.3% | $37.0M+4.3% | $38.4M+8.4% |
| Share Buybacks | $50.0M+525.0% | $50.0M-4.2% | $87.9M+102105.8% | $29.5M | $8.0M+3233.3% | $52.2M | $86K | $0-100.0% |
HLI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.1%-0.9pp | N/A | 32.2%+0.8pp | 33.8%+0.7pp | 31.1%+0.5pp | 33.9%+3.7pp | 31.4%+1.9pp | 33.0%+2.5pp |
| Operating Margin | 15.3%+0.4pp | 19.7%-1.5pp | 22.4%+1.0pp | 22.9%+0.2pp | 14.9%-3.6pp | 21.2%-0.6pp | 21.4%+2.6pp | 22.7%+3.4pp |
| Net Margin | 15.3%-0.9pp | 15.4%-3.0pp | 16.3%+1.2pp | 17.0%+0.7pp | 16.2%-1.1pp | 18.3%+2.8pp | 15.0%+1.2pp | 16.3%+1.9pp |
| Return on Equity | 3.5%-1.0pp | 4.2%-1.4pp | 5.1%+0.5pp | 5.0%+0.2pp | 4.5%-0.4pp | 5.6%+1.2pp | 4.6%+0.6pp | 4.8%+0.7pp |
| Return on Assets | 2.1%-0.7pp | 2.3%-0.9pp | 3.0%+0.2pp | 2.9%0.0pp | 2.8%-0.2pp | 3.2%+0.7pp | 2.7%+0.3pp | 2.9%+0.5pp |
| Debt-to-Equity | 0.600.0x | 0.790.0x | 0.720.0x | 0.690.0x | 0.620.0x | 0.760.0x | 0.670.0x | 0.640.0x |
| Asset Turnover | 0.140.0x | 0.150.0x | 0.180.0x | 0.170.0x | 0.170.0x | 0.170.0x | 0.180.0x | 0.180.0x |
| FCF Margin | -66.9%-43.0pp | 45.1%-6.5pp | 30.3%-11.0pp | 49.0%+0.5pp | -24.0%-9.3pp | 51.6%+10.7pp | 41.2%+24.6pp | 48.5%+24.4pp |
Not reported in any period shown, so not listed: Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Houlihan Lokey, Inc. HLI | FY2026 | $2.6B | $424.0M | 16.2% | $9.1B | 54/100 |
| Evercore Inc. EVR | FY2025 | $3.9B | $592.0M | 15.3% | $10.5B | 52/100 |
| Jefferies Financial Group Inc. JEF | FY2025 | $7.3B | $682.0M | 9.3% | $10.2B | 41/100 |
| Stifel Financial Corp. SF | FY2025 | $5.5B | $646.5M | 11.7% | $10.6B | 53/100 |
| Tradeweb Markets Inc. TW | FY2025 | $2.1B | $812.8M | 39.6% | $23.4B | 52/100 |
| LPL Financial Holdings Inc. LPLA | FY2025 | $17.0B | $863.0M | 5.1% | $26.1B | 54/100 |
Where Houlihan Lokey, Inc. Ranks
Frequently Asked Questions
What is Houlihan Lokey, Inc.'s annual revenue?
Houlihan Lokey, Inc. (HLI) reported $2.6B in total revenue for fiscal year 2026. This represents a 9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Houlihan Lokey, Inc.'s revenue growing?
Houlihan Lokey, Inc. (HLI) revenue grew by 9.5% year-over-year, from $2.4B to $2.6B in fiscal year 2026.
Is Houlihan Lokey, Inc. profitable?
Yes, Houlihan Lokey, Inc. (HLI) reported a net income of $424.0M in fiscal year 2026, with a net profit margin of 16.2%.
What is Houlihan Lokey, Inc.'s EBITDA?
Houlihan Lokey, Inc. (HLI) had EBITDA of $569.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Houlihan Lokey, Inc.'s operating margin?
Houlihan Lokey, Inc. (HLI) had an operating margin of 20.1% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Houlihan Lokey, Inc.'s net profit margin?
Houlihan Lokey, Inc. (HLI) had a net profit margin of 16.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Houlihan Lokey, Inc.'s return on equity (ROE)?
Houlihan Lokey, Inc. (HLI) has a return on equity of 18.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Houlihan Lokey, Inc.'s free cash flow?
Houlihan Lokey, Inc. (HLI) generated $681.8M in free cash flow during fiscal year 2026. This represents a -15.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Houlihan Lokey, Inc.'s operating cash flow?
Houlihan Lokey, Inc. (HLI) generated $704.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Houlihan Lokey, Inc.'s total assets?
Houlihan Lokey, Inc. (HLI) had $4.3B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Houlihan Lokey, Inc.'s capital expenditures?
Houlihan Lokey, Inc. (HLI) invested $22.3M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Houlihan Lokey, Inc.'s debt-to-equity ratio?
Houlihan Lokey, Inc. (HLI) had a debt-to-equity ratio of 0.79 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Houlihan Lokey, Inc.'s return on assets (ROA)?
Houlihan Lokey, Inc. (HLI) had a return on assets of 9.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Houlihan Lokey, Inc.'s P/E ratio?
Houlihan Lokey, Inc. (HLI) trades at 22.5x earnings, its market capitalization divided by net income of $404.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $9.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Houlihan Lokey, Inc.'s price-to-sales ratio?
Houlihan Lokey, Inc. (HLI) trades at 3.6x sales, its market capitalization divided by revenue of $2.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $9.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Houlihan Lokey, Inc.'s Piotroski F-Score?
Houlihan Lokey, Inc. (HLI) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Houlihan Lokey, Inc.'s earnings high quality?
Houlihan Lokey, Inc. (HLI) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Houlihan Lokey, Inc.?
Houlihan Lokey, Inc. (HLI) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.